Examlex
A large group of people who engage in collective action to achieve a common purpose is called
Production Possibilities Frontier
A graph that shows the various combinations of output that an economy can possibly produce, given the available factors of production and the available production technology.
Trade-Off
A choice made in a given situation where one aspect of a set or design is reduced or forfeited to improve other elements.
Opportunity Cost
The dropping of possible gains that could come from other alternatives when a specific one is chosen.
Production Technology
The methods and processes used to convert inputs into outputs (goods or services).
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